I LIBRARY OF CONGRESS.!: 

• j , to j 

I Chap. ./V/^2 3^' ' i i 

Shelf. .Q * : 



I^UNITED STATES OF AMERICA. 



•p-rtnoBH sq una jnm siouj taoq am .ti| 

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01 » s'l *a|..i 

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\ 



:>y.l7 






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.^"a^ 'HSAV SX.IX Y¥ iriSIS , 

^^fs^ 'll»AVS'*''«iI I I AHH / 

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/ "" X.V3 J.V I ""l 'Maiyiii waowv* j[UJi^-;<vio,;.V.V. s-- r 



I LIBRARY OF CONGRESS,! 

j! Chap. ./yj3z35__, ;? 

li Shelf. Q 1 2r^ ^t 

'] ' iJj 

U ^ , _i» 

ci UNITED STATES OF AMERICA. ^ 



THE JOURNAL OF COMMERCE AND COMMERCE 



^Jbrt <5voccinj ^vaflc 




invite the closest scrutin\ , 
lalysis and test of the qualities 

MILLBOURNE 



FLOUR, 

j^^ claim being strength, puri 

Leness and uniformity. 



OMMERCIAl MARKETS. 

l-n,ifUi>,''>r from Second I'age, 



MiLLBOURNE MiLLS Co. 



F3=Iir.xAJ3SI^g.H:T A . : 



I III J !• \l ING^ 



; ,: ' BREAD FLOUR 

%, ^,(5 " or- THia "woxi.IjI>. 







HEGKER-JONES-JEWELL MILLING CO., 

Export omce, !!5 Broad Street, 



CAPACITY, 11,000 BBLS. DAILY. 



Light, 


Knickeibockcr. 


Gloria, 


Superlalive, 


St. Lawrence, 


Belle Pairle, 


llanc, 


Victorloso, 


Metrie England 




Old Cbanticleei 


Honest John, 


?heal, 


Harvest Qumd 


Dos AntlUo^ 


Is, 


Hungarian, 


Prosperity, 




blsmarck, 






Relrlevc- 


Major, 


^^sm 


La Favorha, 


Pyrenees 


^^R ALWAYS SHIPPED FRESH. 



mCTFLODEING MILLS ON EARTH. ^ 



-V, narter Co., VWoku Ohio" |j*..l\lAai 

jlm TUB f...lU.i. ■•l.'J.iH. 1.. 1'ITE,VT > 



TER'S A No. 1.'"^^^ 



Bags Choice Quality AUSTRIftN MEDIUM BEANS 
> Bxs Choice Quality FOREIGN SULTANA RAISINS 



AT LOW PRICES. 



CAVANNA&EPLER, 161 Duane St. 



WISEMAN 

& 
WALLAC 



/ 



EMAN TiOCK pANDT (\im?, 126 Sonlll FroD 

■tACE. m hs mi ™.»,., 



All Qi-udcs I'uio Sngiii'. 



Flavored and Coin Syi'ui>s, 






W. J. SANDS & SONS' 



\ Gingei Snaps, Graham Wafers, Animals, Coinliills, Vanilla Wafers, 
\ Honey Gonds, " Tidal Wave," Milk Biscuit, Oyster Crackers, ic. 



t-TitiisT I'Atrroitv, I 



American Cotton Oil Company 

Qo im.o.&.xy^WA.'sr. 

Csl)l© AddroM. . . - ••AluootoU." Ncw York- 
Ai.l SRAOfS Of COTTONSEfO OIL, OILCAKE AND MEAL. 



/0^^/\ I'aterson Paioliment Paper Company 
VEGETABLE PARCHMENT PAPER. 



CHiltAJTEED COSTilKlKG «0 CHE8ICAL, OIL OR PIBATFIIE 

_A»k fw Sampla and Price Liil lor Ho. 60 Bntlor Pail Linine, 




=i BTJLLETIN, THURSDAY, OCTOBER 4, 1894. 



Mn,r9X-. but UiehlKani 
• ?^M^. imBlpw wa-. 



iS. IB 






..~~ : s:!a 




I 



^ 



THE JOURNAL OF COMMERCE AND COMM 



Xlic «toccvtj ITA'aftjc. 



> ' Tl 



w!>r»-«»g^T— _ 





** '* We invite the closest scrutiny, 
analysis and test of the qualities 
of 

IILLEOURNE 
FLOUR, 

our claim being strength, purity, 
whiteness and uniformity. 



OMMERCIAl MARKETS. 

Conthiued from Second Fage. 

tr.i.lp. iiiKl 11 wa« simply n ''"«";„"' "'' 
.|.)w.i iiiKl wall for Komo '1<-VL-Ioi)monl to 
Kiit.li' 11 clirr.Teiit plan of action. Huyi-r.s 
make no ilenioiistratlon R« yi-t. unci there In 
a ,o..tlnu..J al.H.-ncc of €llr«Ti .l.man. . 
IJiiniinH liav.- prevailed of Home Htoilt »ell- 
liii; lull Hi-.-m to be wllhoiii foumlalloM. 
uUhom;h tli'ie was an Imi.reHslon on Ih- 
si reel llial lellnt rH are ronimenelnR to fe'-l 
(he need of Ktoc-k. There has been »ome ill- 
reil arrivals to the Tnist. 

Ileline.l remain nominally unohanKed. 
There are a few orders cnverlntt Bueh odd 
ii,ini-l» as may he rei|ulred to preserve an 
:iveraKe workhiR assorlmenl. but no de- 
mand that even Klves a hint of annlmatlon 
and the market In Keneral Is Just b» dull 
iiM over. Prices remain as last quoted. 
HAW SUOAIt 

MimciiVBilo, IWdcU- If" 

Mriliu.iU'11 miKBril. RIP (ICR. tot 

CenlrlfilKiil. IMl (li'K H'«l 

I OVIKtV (K'l li. — (-HnC 111111:1: UHin. ai™ •— • • — ■■ 

rciinlni. il'mid. Beet qulei : Octobtr, 10« Oil ; Novem- 



KiK ... 

£<«> .... 

3«» .••• 

qiilel: J«T». 1R« a<l: f«lr 



'Hi. 



MlLLBOURNE MlLLS Co., 



fbcii-.-a.pelf3b:ia., fa.. 



,J0^^f:^O\t% THE LEADING 

i^^i^m BREAD FLOUR 

*''^:t^^y^^f/ ' or» THE! -WOItXiI^. 



m^j0^ 

^ashburS^ Crosby Q^., 



I.ONDOS, Oct. :<• »:C0 P. M.-fPrPM Ileport)-Sogw. 
1 :)» M per cVt. for lui« ccntrlfo|f«l. VoXtTltiBstaiegx^ 
lent, nnil IM :id for Cutm mo.covBdo, fair reSnl"*- »«' 
BURar-OctobLT, UK Od ; .lanimryMnrcli. 10« l^d 

llAVAN'A Oct. 3.-Sugor qulot. F.irlianitc-On tlic 
Inlied staiei., ►horl nlKlit, gold, BHttlO^ premium ; on 
London/aOaXOH premium. 

KKKINED SUGAR. 

Quolatlona arc for wliolcoale loin. The ouulde flKnrM 
are the n loiallona posted by ilic rcflnlngcompanlca. «nil 
The In»l3"ratc8 show actual coat afwr deducting rebate* 
nV nreSent "iSwcd. New York and Philadelphia renneri 
".'.?.,,„". ?......„-. .-..H- rtf.rr.iini on iiiiB of 100 liarrcli 



KiaoalTow i per cent tradcdlncount on lot" of jJ^J,'»"„'„'f 
more, and on leas qi 



illty ill per cent, fiiey will not 

acli'iess tiian 25 barrels. For BUKar packed^ln lia^j _there 



1 less man -^o uiin l-io. i v, dup,«. ....^ — -- 
in no additional charge on Kmnulalcd, or > 
hut We per lb. on all other grades. 
DomlnOB.... 6 1-lOa &M Colu'hln A... 4 3-l«a 

Cut loaf 

cruBbe-J 

Powdered . . 
C'BC Pow'd.. 
Granulated.. 
Flucgran'd. 
Course gran. 
K.\. line gran. 



1 16a 5)i WlmlBor A.'. « 3-10» 
6 l-l«a 6M KldgeWd A. t S-16» 
iH a4 15-16 PhmnlxA... 4H a 



. Gran. 



iH a4 15-18 Kmplre A. 

iy. a* 11-16 No. 6.. 

tw a-t 11-10 No. 7.. 

l-H a4 l:!-lfl No. 8. . 

492 al 13-16 No. 9.. 

d« a« 15-16 No. 10 

4.:5 at I.VIO 



; .s ii-ioa ?ryi 

- 11-t 



DAILY CArACITV, 



TRADE MARK: $^M'^^''^?^^';^^% 
^^ ^.Rni-ij^ YcUow Centre to every •^^^X^:;^" 

13,000 BARRELS. « -«^ '^^"^ 

Every Taoltun-c Mai'lcccl 



WASHBURN, CROSBY CO. 






.... 3« a3 ll-l 

-16 No.12 » 7-16» 34(i 

MouTdA'.:.':* il-16a m go.l3(neti. »« a .... 
Diamond A.. Wi a4 11-16 No. 14 (net). 3<A » •••• 
Cuutcc's' A. Ki a 4 9-18 

PHILADELPIIIA. Oct. S.-rollowlng arc the quota- 
tloni tor rellned aupirs at Philadelphia, fu/nUhcd by 
Win Gillespie & Sons, sugar brokers. Market steady. 

brystalA 4 11-16 KeystpneB. 4 1-16 

Fruit di: 4 13-10 American B. 4 

Cubes 4 15-18 CentcnnlalB , ,%„ 

Powdered ... .4 15-16 California B. 3 13-16 

!?™ulat?d.'. ..4 11-16 KrankllnexC »M 

Fine granulated 4 11-18 Keystone ex C. 8 11-16 

fv.rifeeflonerB' A ..4 0-18 American ex C Jj* 

li^efstSneT".*:: 4M Centennial ex C (net) |S 

Amerl.MinA 4J» >o.l»net 3H 

CcnliMinlal A iH 

Xx'xx'powd''e™dl': B 3-16 iV;hlteStar B.. 4 3-10 

'•■ulcl powdered... 4 15-10 BedStarB 4 1-10 



HECKER-JONES-JEWELL MILLING CO., 

export Office, U5 Broad s^treel, 

CAPACITY, 11,000 BBLS. DAILY. 

MAWOrAOTBREBS OP THE W E 1. 1. - K K O W N B B A If D S 

• Ll^ht. Knickeibockcr, ^'?,'''*' , 

'Suneriative St. Lawrence, Belle Patile, 

Superlative. victorioso, Merne Eng«antl 

, ' Old Cbanticleei Iionest John, 

iheal Harvest Queen Dos Antilles, 

is ' Hungarian, Prosperity, 

> Or-^ Bismarck, '^"P'*^> 



ThoB. Martin 
gallon bl'i 

Ui-d A I 
lirnier ai 
that 2,00" 
uhlpiK-d 1 

Cable . . 
rivals - f • 
ImKS; dPllv-n. 

1st, 111.103 baei 

iM-r ir\. 

The <;i. 
authorlly 
ments nf 
fiev.Tly !■ 
Canadian I'n' 
IjitP advice* 
mimhroum <ro 
francs advanc 
artlile. .Seven 
hind In their 
From Mr. *'■ 
em Parlii 
loadx of 
steamer 
niKht (\N 
peoted on Th 
There 1b sou 
(granulated, m 
with continue 
and It IB ru 
h.-ive contract 
rate. 

Mr. J. n. 
Eyquem, Bor 
luxuries, ha.s 
and will loca 
to this count! 
in the partlri 
ties may dicl 
The annual 
New York C< 
take place o 
trip to Walll 
cars has be*^ 
and it Is exp 
pate In the 
It seems thi 
Ing about th 
canners of t 
been made e> 
northern par 
Indicate that 
was expeetei 
Port Spain 
Julian H. A 
The early P 
dry. and tl 
to be felt, a 
In the la.«t 1 
..ould contii 
as are comli 
from ni .'lO a 
unclayed. S12 
of cocoa for 
lbs, ai;airiSt 

Mail advlc 
from ShanRl 
son of 1833-91 



ea, 



Retriever 
La Favorita, 



Major, 
Pyrenees 



R ALWAYS SHIPPED FRESH. 



iDPPfip T?T nnuTun mtt 1.5 n)l TPAPTH 



,,,„... ..'4 16-18 GrcenStarB 4 

(iranuiitcd.;:: 4 11-18 Bluest" B.. W 

Flue granulated 4 11-18 >Vhlte Siiar C J in-io 

.1!. ItamondA. ...4 11-16 Ji^d star C. , SM 

confectioners' A. ... 4 !M6 V.r,^!°«?i?^ SH 

WhIteStarA 4M S'/'^iI'mnn SS 

K'e/I Rtar A 4?R NO. IS (net) '^ 

GrecnStarA..::::.: IX,.. KcW^nct) 3'i 

r.lueStarA 4 5-10 

W. .1. McCiihnnbranda: „ . . _, . . o-ia 

Standard,gTanuUfd.4 11-16 Confectlonera' A.... 4 9-16 

Fln"?gnHulBtcd....4 1i-16 Grocer.' A 4 5-16 

I'owdercd 4 15-18 Vellowa 

Leas a-18. conimlsalon. 

SAI^T.— For fine domestic and Liverpool 
lirnnds there Is a moderate call reDortcd 
fo- small parcels, and with llBht «tu.r. cs 
values hold steady, but the market s with- 
out feature In coarse grades a fair bu^- - 
uess is report ec' and holders are nrm. Q'lOI- 
,..l- 'A-;lilon's and HigKins' Kureka. $2 Wa. HI: 
1 leiikin's, Cheshia. Worthinglon and other 
Knglish factory filled, 80 a Sue: ••BrlBjiton,' 
In barrels, J2 10; Liverpool ground. 50 a .i:ic, 
domestic line, in sacks. 77',2 a SOc; domes lo 
ground, Ooa.iTVJc: Turk's Island. JO a -1 
Llsbon, 16c; St. Marlins, 23 a 21c. 

TEAS.— The line trade is somewhat Ir- 
rcKular but looks more promising, and It 
Is expected will want a pretty good general 
ai«orlment. .Jobbers do not as yet appear 
iiarlkulHrlv anxious about replenishing sup- 
plies, but "are looking around to some ex- 
tent and their movements are considered 
encouraging. At the public sale to-day there 
were some minor irregularities, but In the 
main the results were upon quite steady 
basis The sMles included l.fiOO half chest.s 
.la'paii. here and to arrive (more than hall 
'not being due for sixty days). 

(Oiiouuons are on an invoice baala.) 

A.noy- J-l"t. 21 » 8* 

fommon..CarE0..11 ».. Second 17 al9 

i.-„lr 1'.; a.. Cargo 11 » i-J 

(io,Jd'. . . . : 13a.. , roa leaf 18 « as 

Sunerlor Komlnal Imperial— .„ . „ 



Black 

Green 

Total \.. 
l^ast year. . 
The export i 
830.213 lbs, £ 
last year. 

GRO 

The Mont! 
Co. sold \V< 
lows: Moyui 
Hyson. 'J a 2 
liowdcr, 22c. 
201) guiipowd 



a 17 



Ir 



Oolong— 217 
H'ii a 30'™e. 

Wednesda; 
.■\uctlon & 
M., within 
street, corn 
sale of te 
Moyune an( 
seasons 1894 
seasons: 14fl 
koe. and 250 
Catalogues 



Thursday, 
sell at 12 M 
of whom it 
tobacco: 17 
anil Penn.» 
fillers. I-m1 
vana cuttit 
logues. 

Friday, O 



J5ULLET1N, THURSDAY, OCTOBER 4, 1894. 



Alinonili, Tnrriiffont lOMa 11 

do iTlcB , 10!«» .... 

Ill) itnlironiln, paper •hell • .... 

(Ill Krcncli, paper •hell lHHa .... 

ilo lullan. paorr ahell 12 a .... 

du ('anarv, •hellrit IV a 21 

du Hlclly, •helled KIMa 17 

du Valuiiela, •lirlled, new 2.t a .... 

do .lordan. •helled, nuw StWa 3A 

llrazll null, new DHa 4 

Wnlnilla, Kaplua »H* ■■■■ 

do French • .... 

do (Irenulile 8Ka B 

do Mnrljot a V 

do Chill, new a 0^ 

KllherlK, Sicily a 6 

du Nuplvi, lung * <> 

KIga. .Smyrna, layer, new 10 a 20 

do hagii, niw f>Ha (1 

Macaroni, iinllan, Ibpkge «h<^ » 

Taphic. Hake a 2« 

do medium, pearl SMa 24i 

do nne, p.arl nHa 2JS 

Sanllma, haHlioie* IJ BO alB 60 

do quarU!M>oxe« « 60 al2 0" 

Tlio Hhlpmi'Mts of dried fruit from primary 
Bourci's «ro roporled as follows: 

atmr Si-olln-(At Deiila, Sept. 25)-3.00O bags 
Ix-uim. 2,0011 bills, 7,i>00 half caae.s currants. 

Stmr Olnilliiliis-d'ns.ied Olh. Sept. 23)— SOO 
baKH Sli-Uy Mlberts, 1,000 do lanary seed. 

Stmr Hoi'Khese— (I'nsscd Gib. Sept. 30)— 2,- 
7(10 barrels. 100 half do. 200 ca.ses, 10.200 halt 

do oiirrants baK-H TarniKona almonds. 

Simr \lotorla-(r'a,>ised CJlb. Oct. 2)-34,000 
boxes Valencia r.ilslns, 12,000 crates onions. 

Slmr Slollla— (Tarrasona. Sept. 17)— .... 
baj.'s Tarragano almonds. 
Stmr HoUvia— LI.OOO bSLgs beans. 
Stmr St. Oswold— 600 bags Sicily almonds. 
3.0W) do (Ubcrts. ,, , 

Kronr Llvenwol, Sept. 20—1,600 boxes Val- 
encia almonds. 12,IXK1 do Sultana raisins, 1,750 
cases. 4.400 bags and 300 boxes figs. 
Slmr Alsatla— (Valencia, Oct. 1). 

FOKEIGN GRRKN.— The demand for 
lemons continues slow and unsatisfactory, 
though a similar condition of affairs Is 
usually witnessed at this perloil of the year. 
New Malaga will probably arrive by the 
17th Inst and a revival of interest Is then 
anticipated; new Sicily are expected about 
the 2r)th Inst, Jamaica oranges are In de- 
mand. The steamer due to-morrow (Thurs- 
day) Is expected to have a liberal quantity, 
and no further scarcity Is antlcloated. 
Pines are about out of market for the time. 
Bananas are In better demand and firmer. 
Ginger Is dull at $0. Onions now offer at 
SO a 90c for best grades. CWfoanuts rre 
maintained at iK 00 a 47 30. with a good job- 
bing demand experienced. 

Lemons, choice Sicily, SOOa 2 60 t 2 76 

ilo extra, choice Sicily, 300a :! 00 a 3 25 

do fancv Sicily, 300« 3 76 a 1 00 

do extra fancy SIcIlT, 300a 4 60 a 4 76 

do choice Sicily. 3aoa 175 a 2 00 

do extra choice Sicily, saoa « 2 26 

do fancy Sicily, 300« a 3 00 

do extra fancy Sicily, 360a 3 26 a 3 60 

do common to fair 160 a 

CO Sorrento, SOOs, choice a 3 75 

do do 3008, fancy 4 60 a 6 60 

do Malorl, choice, 300a a 3 75 

do do fancy, 300a 4 60 n 6 60 

Oranges, Sicily, l(«)s a .... 

do do 2iXn a 

do do 3008 a 

do do HOOr a 

do Sorrento, 300« " a 

do do 200a a ... 

do do leoa ,1 .... 

do RodI,200B K .... 

do do lOOa a .... 

do .Tamnica, original, per bbl 00 a 

do HAvnDH, original a — 

Bannuaa, Asplnwall. ursta, per bunch 100 a 

do do Boconas 70 a — 

do Jamaica, first run 80 a 1 10 

do do scrunds 46 a 60 

do do thirds 30 a 45 

do Port LIraon, nrst run 1 00 a 1 10 

do do seconde 60 a 66 

do Baraooa, firsts a — 

do do aeconds a — 

do do thirds a 

do Banes, firsts 7S a 90 

do do seconds 46 a 60 

do do thirds SO a .... 

rineapplei!, Havana, sugar loaf, per 100. .. 6 00 alO 00 

do do strawberry. . I a 

Cocoanuta. Porto Klco, porM Nono 

do P>arncoa a 

do Si. Andreas a .... 

do SanUlas 45 00 a47 60 

do Jamaica a — 

do Carthagena None 

Limes, Jamaica, per hill 1 00 a 3 00 

Ginger, .lamalca. green, per bbl a 00 

onions, Valoniia. per crate 80 a I'll 

The following s'lipments comprise the 
green fruit now In transit to this and other 
ports: 

Stmr Gladiolus— (Passed Gib. Sept. 23)— 3,000 
boxes Messina leiTions. 2.500 do Palermo. 

Stmr Alesla— (Passed Gib. Sept. 24)— About 
1.500 boxes SorrerJio lemons. 

Stmr Kronprlnz l-'riedrlch Wllhelm— (Passed 
Gib. Oct. 1). 
Stmr Tarifa— (Naples, Sept. 24). 
Slmr St. Oswald— (Palerom, Sept. 27)— SOU 
boxes Messina lemons. 

Slmr BorKhetili^( Passed Gib. Sept. 30)— 
lO.liOi) Iwrrels AJmerla grapes. 

Stmr San GIf rgio— (I'assod Gib. Oct. 1 for 
New Orleans)/ -2 000 boxes Palermo lemons. 

I^Yom Liveypool Sept. 29—800 boxea Paler- 
mo lemons. ' 

' TRADE NOTES. 



such ii.-iilirs are or ever have boon mem- 
bers of the ICxchange, and on investigation 
by the SuperliiKiidenl of the Kxchange no 
such pnrtien are located at 32 Desbiosses 
street, that building being occupied by a 
Western Union Telegraph office and a cigar 
store, but aftei considerable Innulry the 
party In charge of the cigar store admit- 
ted that somebody calling themselves King 
& Co. had their mall directed there and 
called for It once or twice a week. 

O. S. Durllng & Co. recelve<l onother car 
of Smock |)C«ches to-day from Ohio. .\s 
with yesterday's car the fruit arrived here 
In a heiited ami dee.iyed condition, and 
barely realized enough to cover freight 
charges. It Is thought that If the car had 
be^n proi>crly iced and taken care of while 
in transit the fruit woulil have kept well 
and brought extreme prices. The peaohes 
were .shipped in large round bushel baskel.s. 

THE FOLLOWING QUOTATIONS ARH FOB 
WHOLESALE BUSINESS FROM FIRST HANDS. 
BRANS AND IKAS.-Recelpts to-day, 33G 
bbis beans. New marrow have fallen to 
$2 fiO under a continued dull trade, and old 
are nominal at $2 :!5 a 2 40. New medium 
not very plenty and generally held at $1 S5. 
but pea dull and not exceeding |1 80. Red 
kidney In small supply and held about the 
same In price. Lima continues firm. For- 
eign beans quiet and ea-sy. Green peas are 
slow. 

Beans, marrow, 1894, choice a 2 50 

do marrow, 1838, choice S 86 « 2 40 

do marrow, fair to good 2 00 a 2 26 

du medium, 1894, choice 1 90 a I 95 

do medium, choice, 1893 176 a 1 80 

do pctt, 18W, choice a 1 80 

do medium and pea, fair to good 1 40 a 1 00 

do morrow foreign, 1893 a .... 

do medium, foreign 1 35 a 1 45 

do pen. foreign 160 a 1 00 

do white kidney, 189.1, choice a .... 

do red kidney, 189.1, choice 2 20 a 2 26 

do rod kidney, 1894. choice a 2 50 

do Black Turtle soup, 1893 1 95 a 2 00 

do Yellow Eye, 1893, choice a .... 

do Lima. Cal.. 1893 (BO-lbs.) 2 75 a J 80 

Green peas, bbls, per br.8h al 10 

do bags, per uush 

do Scotch, bags.. 

BKESWAX.— Pure wax quiet, but is held 
steadily at 26H a 27c, occasionally 27V2C, per 
pound. 

ICGGS.— Receipts to-day, 180 bbls and 9,144 
cases. The arrivals continue quite heavy, 
evidently attracted by the higher prices of 
last week, and with a very slow demand, 
stocks largely accumulating and consider- 
able pressure to realize, the market shows 
further weakness and has settled to 19c 
for finest Northwestern, and good marks of 
far Northwestern and Central Western ob- 
tainable at 18',^c. and lots ithat show a mix- 
ture of held eggs sitill cheaper. Ice-house eggs 
are in liberal supply, very dull and weak. 
Limed eggs have very little call. Inferior 
fresh by the case are selling slowly, though 
held about the same. Sales on 'Change 
under the Call included 50 cases Northern 
Ohio at 19',4c; 100 do Western Iowa, 100 do 
a known mark and !iO do Northern Indiana, 
free delivery, all at 19c. Further receipts 
of Canadia eggs are here, including a car 
yesterday and a car to-day. Holders ask 
1S^/2C, but denn.and very slow and that price 
Impossible to reach. 

Newlald, fancy (nearby), at mark 21 a 22 

" ■■ "■ ■ fresh gathered, firsts.. 19Ha 20 
iz a 19 



State and f - 
('aniulrt. choice, piT c 

Michigan, Ac fancy 

Western and Xorthweel;ern, average best. . . 
Western and Southwestern, good to prime.. 



18)ia 19 
17 a 18 
lfl« 



Western & S'western, fair to good,percase.. 3 60 a4 60 

Western & S'western, Inferior, per case 2 50 a3 25 

Western seconds, per esse 2 60 a3 50 

Western, limed, per doz . 16><ia .. 

BOSTON. October .■!.— Eggs firm. 

CHICAGO. October 3.— Eggs steady; fresh 
stock, 16Hal7c per dozen. 

FRESH FISH.— I,eading varieties have a 
verj- good demand ail fair prices. 
riaH. 



Per Ih. 

Whitehallbut 13 al5 

Gray halibut 10 «13 



do live 7 a 9 

do market 5 a 7 

Pullock 4 a 5 

Haddock 6 a 7 

Bluefish, large 7 alO 

do small 7 alo 

WeakOsh. large.... 6 a 8 

do small a 8 

Smelts 20 a24 

FInke 4 a I! 

Flounders 6 a 9 

Blackash 10 B12 

Seabass 12 al4 

Pontics 8 aio 

Mackerel, large. ..18 a22 

do small. ..12 at7 

Spanish mackerel. IH 823 

smoked haddle — 7 aU 

Herring 3 a 4 

Pompano 25 a .. 

Oregon salmon 20 a.. 

Ssiuked salmon... 10 al8 

Hard crabs, per 100 

Soft crabs, per doz 

Prawn, per gal 



Salmon, Een'bec., 

fresh 26 aSO 

Shecpshead 18 a20 

Red snapper 12 al.T 



Catfish 

Shad, roe 

do bucks.. 
Cut shad. 



Salmon trout 10 al5 

Wild trout a .. 

Cultivated trout.. 



White perch. 

Yellow perch.. 

Eels, dressed.. 

KIngQsh 

Whitebait 

Pickerel 

Whltefibh 

ClBcoes 

Black baas 

Lobatcrs, lire 10 al2H 

2 60 a 3 00 

75 « .... 

1 00 a 1 35 



.12 al4 
.12 al4 
15 817 



.10 a 12 
. 3 a 5 
.10 al5 



and selling slowly. Snipe and plover steady 
for choice. Wild ducks unchanged. Fresh 
venison wanted, and choice Minnesota 

would bring 20c, but Michigan rarely salable 
above Iti a I8c. 

Partridges, near-hy, fresh, per pair 76 ft 1 OO 

do WcHtern. fresh, per pair 60 » 70 

Orousc, dark, fresh, per pair 60 a 70 

('•rouse. Pin-tall, per pair 46 a 55 

Partridges and (iroosc, poor, per pair 20 n 36 

Woodcock, fresh, per pair 75 a 1 26 

English snipe, per doz 1 25 a 1 50 

Plover, (lolden, per dor I S6 a 1 60 

Keiil birdH, Jersey, per duz 40 a 76 

Wild ducks, canvas, per pair a — 

do red heads, per pair ft .... 

do mallards, per pair 40 ft 60 

do leal, per pair Zt a 30 

do common, per pair 20 a 25 

Venlsonsaddles, fresh, prime, per lb 16 » 20 

Uabblts, per pair 20 ft 40 

Uares. per pair ft .... 

HONEY.— Comb honey Is In large supply 

and weak, with prices lower and top fig- 
ures extreme. Extracted imchanged. 

White clover, lib boxes, per lb 13 a 15 

White clover, 21b boxes, per lb 12 a 13 

Buckwheat, 1-lb boxes, per lb 11 a 12 

Buckwheat. 2-lb boxes, per lb 10 a 11 

Kxtracted, California, per lb 6Mft 7W 

Extracted, State, per lb 6 a 6^ 

Extracted, Southern, per gallon 50 a 60 

HOPS.— Purchases continue free In the In- 
terior at about the same prices that have 
ruled for about a week past. The move- 
ment has been sufficient to stiffen prices a 
Utile In some quarters, but otherwise there 
Is no evidence of change. London advices 
state that the English crop Is turning out 
poorer In quality than was expected, and 
that prices for finest selections therefore 
tend to harden. The German market was 
again quoted higher, making an advance 
recently equivalent to about 2c per pound. 

State N. y., crop of 1894, choice » alO 

do do med. to prime ^a SW 

do do common 6 at 

i^.o crop of 1893, choice 7 a8 

do do med. to prime 6 ft 6^ 

do do common to med 3 ft 4){ 

do old olds 2 ftB 

Pacific Coast, crop of 1804, choice 9 alO 

do 00 med. to prlmB 7ii» M 

do crop of 1893, choice 7Wft (M 

do do medium to prime . . 6 > 7 

.10 do common 4)^ 6 

Bavarian, new (to arrive) 22 ft24- 

Bohemlan. do do 23 a2A 

Altinarks, do do 18 aSO 

LIVE POULTRY.— Receipts to-day, 15 car- 
loads of Western. The Jews were out In 
force after their New Year holiday, and 
notwithstanding the heavy supply market 
ruled firm and higher. Fowls advanced to 
10V2 a lie. with some extra heavy even 
higher, and chickens ranged from 9 a 10c as 
to size and condition. Old roosters firm, 
with most sales at GVtc per lb. Turkeys 
had a good outlet for prime old, and choice 
ducks and geese are a shade firmer. Pigeons 
we»k. 

Spring chickens, prime local, per lb 9Hft 10 

Rjirlng chickens, West'n & S'th'rn, per lb. 9 ft 10 

Fowls, local, tier lb 10«ft 11 

do Western, per lb lOjift 11 

do Southern, per lb lOitn .... 

Roosters, per lb 6 a OH 

Turkeys, old, per lb 9 ft 11 

do young, per lb 8ft 9 

Ducks, local, per pair 60 a 80 

do Western, per pair 60' a 70 

do Southern, per pair 40 ft 60 

Geese, local, per pair 125 ft 1 60 

do Western, per pair 1 12 ft I 37 

do Sonthern & S'western, per pair. . . 1 00 a 1 in 
Pigeons, per pair 20 ft £5 

DRESSED POULTRY.— "The receipts con- 
tinue large and Invoices for balance of the 
week liberal, while there is still a consider- 
able accumulation of fowls and chickens 
from previous arrivals, and with very little 
improvement in the demand as yet prices 
are not a particle better, though it is hoped 
with the natural Increase of demand toward 
the close of the week, that the bottom has 
been reached for choice fowls or chickens. 
Dry picked fowls and scalded chickens are 
freely offered at £c for best lots, and It is 
extreme for chickens, and plenty of stock 
of both fowls and chickens that have lost 
theii' fresh appearance are offering lower. 
Scalded fowls rarely possible above 8Uc, 
while dry picked chickens continue to show 
Irregular quality and a wide range. Spring 
turkeys very dull and weak. Long Island 
and Eastern spring d/"ks in light supply 
and firm. Eastern geese urchanged. Choice 
squabs about steady. 

FBBSn nRESBXD POULTBT— ICED FAOKSD. 

Turkeys, spring, dry picked, per lb 8 a 9 

do bpring, scalded, per lb ft 8 

do spring, Inferior, per lb 3 a 6 

^prlngchlckcns, Phil., fancy, per lb 18 a 20 

do Phil, fair to good .....1... 14 a 16 

do W'n, dry pkd, av'gomlx'd-w'H. 9 a 10 
do W'n.scalded, av'gonilxedf w'ta.. 8}i» 9 

do West'n common J. 7 ft 8 

Spring ducks, L. I ./. 15 a 16 

do Boston ,1 15 ft JO 

do Western J 8 a Jo 

Spring geese. Bnst.on and L. I / 1:4 a 18 

Fowls, state and Penn J „' a 9 

do Western, dry picked, prlmeL... 4 a 9 

do do scalded, prime !,,#-. ft 8J»,', 

do do falrtogccC ....J.'. ,7X« 8 

Old roosters, per lb I ,» 5^ 

Squabs, tame, white, per doz i 2 60 ftS,".' * 

do do iTtKed lots, per doz 2'''' ; 

do do darlC.and poor, per doz C, 




13 



HI 



^m?T?nm v^ nnDTwn WTTTQ nu TAPTTI 



T Amoy— 

1 Citnmion. 
„„ Knir 



i' 



THE )01R\AL/^' COMMERCE AND COMH „, . , „ ,, 

= /■ ji^ a^lA.. BtTLLETIN. THURSDAY, 00T6BER 4, 1894. 



£l)e Souiiuil of iSoiniiKrcc 
nnfi ifliimmcinnl Bnllttm 






:^ SAUERBECK'S CHA»^oF_^^^^jg^p^^^^^ 

( of Average Prices of General Co 

pinodities in England (Average of 1867-77 being 100) 

Compilcil by AUGUSTUS 

IsiOERBEOK, F. s. B.. London. 




% 




PBIOiS or OOHUODIIIIS IN EHOLAIID. 



^1, I 



When you sco Ihe handsome 
new clothes in and around us 
this Fall think of this : "Hand- 
some is as handsome does," and 
if your suits don't "do" as 
handsome as they loolv we want 
to give you your money back. 

Are you sure you understand 



JiUttatlinis ^mautcfl., 
















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3SgSS.-:i'««*aSs*S 



obATnoitiiE iiulaitfr 1 1 



THE .lOliRNAL/OF COMMERCE AND COM 



v2:i)c JJournnl of (Scimmcicc 
nub (Ecimnurcial Cullclin, 

yj i:i;a\kk siui;i:t and ci nusv ht. 
<AUUi<h:.sH ALL. i.i;rn;iis uox lauo.) 

KnlTr-) lit 111" I''-t nffl'-"-. N-w York. N. Y.. ilh 



I. 1894. 



III iimillirr ii>liiiiiii, \vc- iin-miit ii clliirt 
t-liiiuiiiK llm loiirtM" of inUi-s ill Grnil 
Jtriliiiii from llu- ynir ISIM to ]!*•;!, iiu-lii- 
bivi'. Tin- ••xliiliit is i-oiiiiiIUhI by ilr. A. 
SSiimrlMTk, mi riiiiimit Krvli>li sliitisliciiiii, 
nu<l fi»llii\v» llic uii'ilioil i>f iLiiiimiisou \>y 
"iniloi iiuinl«-i»." Wlmt lliat iiifthoil is, 
tup conipilcr i'.\iiliiins iu ii fout iiotf tu his 
rbnrt. Tho cumimriuoii i» luiiJe uiiou ii 
Bi-.ir.ber of sclrrli'd arlii'lt-s. wliioh miroscut 
tlio loiidiug ipduslrii'8 aiiil cover u lurK<' 
proporliou (jn'rhiips SO piT cent) of the en- 
tire viihio nnd bulk of marketed eouiiuodi- 
ties; it beiug iissuiueil that the prices of 
the omitte<l articles follow those of the 
tommodities on which the estimntes are 
based. Some objections have been raise<l 
to the "index-uuiuber" method of estimate, 
especially on the charge that it docs not 
Biifficieutly re<'ogiii/.e tho relative differ- 
ences in tho bulk of tho articles selected 
for comparison. It is timiuos-tionable, how- 
ever, that this luethiid meets with very 
general ncceptanco among economists and 
htatisticiaus ns tho best available, whilst 
no hotter seems to have been so far pre- 
sented; and it is worthy of note that 
Saiierbei-k iifGnns that he has tested 1h« 
results shown on his ohi.rt by cinnputatiims 
on the relative bulk of tho articles, with the 
result of eonfimiinp his index numbers. To 
establish what may be called a par stand- 
ard, a nnmVier of coii.secutive years arc so- 
li'ited which are presumed to represent con- 
ditions as much normal and as little excep- 
tional as possible. The average of this 
period of nonral prices is expressed by ItX): 
mill all comparisons of other years or 
periods are made with that suppose<l normal 
standard. There seems to be no good reason 
for doubting the sufficiency of this method 
of i-omputafion for all practical purposes. 
iilthoiu.il it may not claim the exact accu- 
racy of a scientific ealciUation. 

Tho (luctnations of prices in Great Britain 
may be taken . as closely indicating the 
oscillations iu the world at large. A nation 
whose prices are unaffected by tariffs and 
whose markets are in close contact with 
every iioint of the world's prtKhiction af- 
fords an ideal expression of the course of 
natural values; and a groat national market 
conducted upon the basis of natural prices 
very largely determines the drift of prices 
in countries where it is attempted to regu- 
late valuee through artificial legislative con- 
trivances. For this reason, tho wide oscil- 
lations exhibited by this chart may be re- 
garded lis rellecting the movement that has 
' prevailed in the coii.nicrcial world at large. 
\ In order to racilitatc reference to the de- 
\ iails of the chart, we concentrate the dates 
' mid index numbers into the following sum- 
juMiT table, sepamting the data into five- 
yiMis periodsl 

Index Years— 



Ttflrn- 

1*0 ; 

IWI 

1M2 

JfOS 

1824 

Aver'sr (5 yM...; 

isa 

S26. 



No«. 



Inile 



■w. 



101 AVer's; B ym.. 

J21 !««> 

awu ,gfi2 

117 isns 

lOl ISGl. 



Ave 



'K R yr 



IIKI 

lor. 



a gciienil iiusellleiiient of intornalional n 
liitioiis and iiincli reillHlribution of uatiiiiiaU 
territory, n-snlliiig uolably in wm- hrt w n-i/, 
I'niisiii and Aiisiria and l.ilwmi Italy aiul 
.\nslria. In this i-oiinlry, oci'urri'd the 
i;n-atcsl luililary sIriiKgle of tli.- century- 
The firsl effift of war nimn eon nierce Is to 
cheek business ami eonse'|Uelitly to moiueil- 
tarily deiiress prices; the next result is to 
coniracl ]iroilueiioii by witlidniwing i>io- 
iliicers from the field and the factory into 
the army or navy nnd to criiile a large de- 
mand for certain articles of war conitinip- 
lioii. Both thi'so effects of war conduce 
directly to relative srarcity and therefore 
to the enhaiicenn-nt of prices. I'rom these 

causes il les to pass that, of llie last 

seven decjidi^,— excepting only that of isa.>- 
2!),— this one (l.StKMiiM has been distin- 
guished by a ver>- high range of prii.'cs. The 
year I.StiO sliowe<l an important recovery 
from the depression incident to the panic of 
1.S57; and at tho conclusion of our civil war 
the average of commercial values had risen 
to 105. Tho relief I'onsequent upon peace 
in this country, however, sen'cd as n ma- 
terial counteraction of the inflating effects 
of hostilities in Europe; and, after 1864, tho 
average range declined to OS in 1800. The 
average of prices for the whole of this pre- 
eminently militant decade was 101. 

Tho next decade (1870-70) opened with tho 
great military struggle between (lemiany 
and France,— an event directly conducive 
to restraint of production in the two leading 
industrial nations of Continental Europe. 
In 1S70, prices had fallen 4 points below 
Mr. Sauerbeck's par: but in 187'!, the aver- 
age had risen to 111, or 15 points above 
the range of 1870. The culmination of the 
previous decade of military devastation, to 
gether with our great railroad inflation 
which created 30,000 miles of road within 
five years, had prepared the way for the 
great explosion of abnormal conditions 
which found expression first in this city in 
187-^. and then, sympathetically, in every 
commercial and financial centre throughout 
the world. From that period dates the most 
remarkable ilecline in prices that has oo- 
curred within this prc-emiuently comraer<'ial 
century- AVithin the six years following 
the '7:'. panic, prices <iecline<l steadily from 
111 to S;5— a fall of 28 points. 

.Tudging from antecedent eiperieuce, it 
might have been expected that such an ex- 
treme fall would be followed by nn upward 
reaction. For a brief periotl and to a moder- 
ate extent this was the case. The decade 
ljvS(|.,s',) opened with generally sound con- 
ditions. Five years of conservatism had 
pai)duce<l largo accumulations of wealth and 
in Kiiiopc, and especially in KuKland and 
Cerniany extraordinary efforts were made 
to foster comnercial expansion in all parts 
of the world. In this country, similar iuflue- 
eiiccs had been at work, to which was euper- 
adiUxl the resumption of sptvie payments, 
with a consequent universal strengthening 
of public confidence. Tnder these stimuli 
we nished into another cra7,o of railroad 
speculation and, within the four years 18S0 
to 188:'. inclusive, added :'..'>.O0O miles to our 
system of roads. During these years, prices 
averagi'd respectively SS, .85, 84 and 8"J. 
This over-doiug developed its consequences 
in the panic of 1884, when prices fell to 
76; from which point, with some slight 
oscillations, thej have declined to G8 in 
18'.)-' and 1.S83. 

The most si ggcstive feature in Saner- 
beck's chart is the almost unbroken descent 
in prices for the last t^venty years. The 
fall is so pei-sistent, so unusual iu extent, 
1 ..*t».^.i. /s»-ni- oni^h n lor-' oeriofl. as 'o 



SAUERBECK'S CH. 

Course of Average Prices of General 



■-Ld ,cr 



Compiled by AUGV 







\HVZ 

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HC lK7-< 

I't Avpr*|E 5 9'ra.i 

ii;; 1K7S 

ill 



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JHft? 





ti7 IKs;! 

Nil l.HfH 

v:i .\ver'K 5 > m.. 



77 INN« 

7;. l(f8U 

7H Aver'ir S yra.. 



IKIK) T^ 

IWl 7J 

imc' UH 

l»tl!l OH 

Aver'HT*! yra..., 7U 
lun 

'i'hi- iionipnrinuli boitiiiB with llu> ilcciiili* 
IM-tlirj, wliirli, n.niiily owiuK •<' Hn' long 
rliwk iiiioii iiniiliiflioii nlU'iullui; tlio gronl 
wHm of tlui lu'riy pari uf I In- icutury nnd 
mI«ii to II j-iKiiniisly (•x('li:i>ivi> fori'iBU coin- 
iiiiTCiiil pi.liny, TiiiH n jicrioil of iimiRiially 
IiIkIi lirifi'n; tl»> hvitiiko f"r ISlil) bciiiK 
rcpriixoiittil by lliu iiuli'X inmibor 11- ami 
for ISlTi by 117, while for tlio wliolc t(>n 
years llui iivi>rnK»' was UK!. Attor tlii.s, 
I'inii' a (iifjulo of Bliaily roiunn'ivlal rc- 
irovcry duriiii; wliicli llii' aTcrago of prices 
fell lo 'M, or a points bi-low wliat SaiUT- 
\>ti-k vtxnriU iih it uoriual sveraK''. UuHiik 
th.- .l.^■a(ll< l.s|(l.4!», ojiiiio tli.- sr.'at fri'i- 
teatlo flKilntioii, wilU tint ri-»iilt of tlirotviug 
thi' UritiHh iiiarkfts ojcn lo tlio clicapi'.st 
supplies llui worlil bad lo offer, nnd tlie ex- 
dni'tioii of III,, iirlilieial iiitlalioii of priees 
<X>iise<|iipnt upon proteetivo dnties. This 
dfrndo opeiuil with a rauKe of prie^-s repni- 
BtmliMl by U>;{ on ibo Sauerbecli gcale of 
I'ompariKun, ami elo.si-d with an avcrnKo of 
"4, tho fall of 2!) points having been mainly 
eaiiio'il bj- tho eheaponinir loudonoies of the 
new fn-e-irado policy; the average for this 
(I'll years, however, was 88. 

I'liriiig tho snceeoling tenVyoars, 185()-*S). 
oienrred (he great eoninioreill ami finaneinl 
inUntion ineident to the go\j discoveries. 
Williiii that period, no less than f;55.'j,(KX),- 
• KHI of gold was produpiNl in this eounlry 
nlone; in Australia, the conteiupora neons 
proiluct was si.inewhat larger: and for the 
whole world the ontpnl was !i;i.4(J(l.(lOO,- 
CHHI,— a ten years' yield never I'nualed before 
or since. The tirst effect of this sii.lden and 
eiiorimins increase in the inetallie circiila- 
liou was to fitimulnto banking operations 
and, through that, to create a great eom- 
mereinl oiiaiision. Simultaneously, arose a 
gri-!it extcii.sioii of railroad building. 20.(100 
miles being built in this country alonp dor 
ing the decade. The withdrawal of pro- 
ducers from their accustomed einploymenta 
to the mining ci>ntres had tho triplt» effect 
of ohecking the orilinar>- home production, 
of tipeniiig important new irarkets in (Cali- 
fornia and AiislTalia, and of causing a 
gem-ral rise in wages; the result of these 
combined causes l«'iiig a rise in prices. 
That advance expresseil itself in a bound 
from 7S in ia52 to O.'i in 1853. nnd in a 
furl her gradu>il ascent to 105 in IS." — the 
rise between l.^^'iO and^^lS." being 2S points. 
■ T from 77 to 10,"i. Tn l.'Nii. came the cul- 
mination of this great inflation in uni- 
versal lianic; nnd between that year and 
]8u'.> average prices fell from 105 to !»!. but 
recovered to iU in 1S.">;». Tho averagi- of 
prices for the whole of this rcm.irkablc 
ilccado was '.12: the low range for the pnst 
three years ami the decline during the two 
last years havimr largely offset the gi-ertt 
rise of the interrcning five years. 

The .<mcce<><liiig decide. l.SfiO-Oft. was ,T 
perio<l of great wars. In Kurope, there was 



porlnnt ofTect upon values. Wars were iin- 
doubteilly the moot ai'tive factors causing 
IliH oHi'illniioua in prices up to 1.S7,'!, and 
the last twenty years of comparative ux- 
cuiption fri'iii war intlnciicex iimy be sup- 
posed by Home to ac(y>uiit for this iileiidy 
det'limt in vnlui>M. But that conclusion is 
largely invalidalod b.v the fact that, during 
lliis period, tbn world has been so burlhoned 
by un increase in anaed forces nnd in naval 
and military expenditureH that the anneil 
peace has proved almost as effective in ar- 
resting piiMliielion as aitiial warfare would 
have bis'ii. As, by a historic coincidence, 
till' begimiiilg of this decline in prices dates 
from the period when the Latin Union 
countrii^R ceased lo coin silver, it will no 
doubt be mainlnined, by the friends of that 
iiielal, that (lie downward course of values 
is directly and niaiul.v the efftH't of what 
they falsel.v designate "the demonetization 
of silver" The misfortune of their reason- 
ing is. however, (hat they are unable to 
•how that, although the Latin I'nion nations 
have suspended She coinage of this metal, 
it is less u.sed for monetai-y purposes tlian 
it was Iwent.v yours ago. Although Europe 
has almost ceased to coin silver, yet its 
nilver circulation has not been on the whole 
dimiiiislicd. whilst the amount appropriated 
in this countr.v to money purposi's has 
largely eiceedml what Europe had been ac- 
customed to take for coinage. As, there- 
fore, there has lK<en no tlecrease in the 
world's progrossivo accretions of silver 
money, and as nearly the whole stock has 
(he same home purchasing power as it had 
before its .so-callwl "demonetization," tlii.s 
factor is not to be accepted as at all ex- 
planatory of this great decline in prices. 

We are unable to find any rational or 
sufliciont explanation of this phenomenon 
except in the fact that the recent inventions 
in motive power and in labor-saving ma- 
chines havo so cheapened the costs of pro- 
duction, and so augnieute<l the proiluctive 
[ilant of the world as to exceed the capacity 
for consumption at tho former scale of 
prices. Wo h.iYe frequently had occasion 
to cite evidences of this disproportion be- 
tween both productive capacity and actual 
production, on tho one hand, and the pur- 
chasing abilit.v of consumers, on the other: 
and therefore nec<l not now further eluci- 
date that point, except to suggest that the 
extraordinary fall in prices is but a natural 
process of adjusting the disparity betwoi'n 
tho respective capacities for production and 
consumption. The relative increase of pro- 
duction has called for lower prices; and the 
great fall in prices demonstrate.* .i cov- 
icsponding excess of supply over demand. 

The foregoing data show a very extra- 
onlinary decline in prices within the last 
twenty j-ena-s From an average of 111 in 
1S7.'{. there has Iteeii an almost nnremit- 
ttnt fall to OS in 1893.— or a descent of 4:". 
points. What has been the correlative 
course of wages? Jlr. David A. Wells, 
in his nouiblo work "Recent Economic 
t'hanges," demonstrates that, in Great 
Britain, the income of the manual labor 
classes has gone up from £171.000,000. in 
184.">. to £.">0.000,000. or at the rate of 220 
per (/'lit. while their luunbers have in- 
creased onl.v 30 per cent during the interval. 
Or. to take a more recent (>xpericnce in the 
l'i)ite<l States.^lhe last census shows that 
the average annual earnings of labor in 
seventy-one i-ities inlSl>0 amounted to $.")42 
per lieaij, while in 1S,S0 the average in the 
same cities was only ?.'!.Sr«.— an ini'rease in 
the ten years of 4.0 per cent; and yet. with- 
in the same decade, there w"as a decline in 
prices of 16 per cent. Rapidly rising wages 



-Average Prices of 10 years ending with the year named, viz: 

Dotted line in 1S02. SI', being Average of tile 10 years 1S43- 

• O O' Dotted line in 1S7;!. 102. being Average of the 10 years ISftt- 

Dotted line in 1M«. 71. being Average of the 10 yeajs 18S4- 
Thla dotted line gives the best picture of the gradual movem 
eiage prices of whole periods as the fluctuations from year 
t*>lueratt-i. 


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along with rapidly falling prices form the 
basis of the persistent demand for higher 
pay by which labor is obstrneting industry 
nnd thereby throwing large masses of the 
lower grades of workmen out of employ- 
ment. Reasonable meu must see that this 



.sort of prcfis 
Vxtcnt that 



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1»7 

'J'lii- iiompnriKou boeiiiH widi tlu> ilpcaili' 
1!SJ0-1"J, wliirh, uioiiilf owiiij; to llm lung 
ilipck tipoii i>ni(liictiou nKt-iiiliii^ tln« Brt'iit 
wars of tlio «i;rly part of llio fcntory niid 
iilxii to a ricoriimly i'Xi-li:Kivt> foreign coiu- 
miToial piilioj-, waM a iirrioJ of uiiusiially 
liiffli priced; th(< avcriijto for ISliO boiiiK 
rcpDinciittxl by tlie inilf.\ iinnilior 11- ami 
for 1S1',"> l)>- 117, wliiit. for tlio wliole ton 
y»<ars tlio avcrnm- wa.i W.i. After this, 
eanie a iIih^jkIh of Bl.ady eoiiiniereiol re- 
••oveiy durinc wliirli the averago of prices 
f«ll hi 'M, or li points below what Sauer- 
lieri ivKarilK an a normal average. During 
the dtnailo l.S4ll-4!t, eiiiue the great free 
trade agitation, with tlm result of throwing 
the HritiHh inai-ketM open to the ehenpest 
supplies I ho world had to olTer, and the ex- 
tiniliiiii of llui artitieial inllation of prices 
con«is|uont upon proteetivo duties. This 
ilrcado openni with a range ,>f prie^>s repro- 
sonted by It.),'! im the Sauerbeck sealo of 
i-ompariKun, ami elosetl with an average of 
74, tbo fall of IS) points having been mainly 
canned by tlio cheapening tendcncips of the 
new fn'i>-trn<l(( policy; the average for this 
tell yeai-s, however, was 8fi. 

I Miring tho snci-eoding lenVyears, 1,85(1-5!), 
occurred the great coinnioreiL and financial 
inUation incident to the go^l discoveries. 
Within that period, no less than $5.j5,<KX),- 
IKKl of gohl was priKlucetl in this country 
niono; in Australia, tho oontempora neons 
product was somewhat larger; and for the 
whole World the output was .'itl,40(l,(K)0.- 
(Hli),— it ten .years' yield never eiin.iled before 
or siiiie. 'I'hc first cffi ct of this siidden and 
enornuius increase in the metallic circula- 
liou was to sliiuulato banking operations 
and, through that, to create a great com- 
mercial oiiansiun. Simiiltaneousl.v, arose a 
grcjit extension of railroad buiUliiig. 20.000 
miles being built in this country alone dur 
ing the dccadi-. The withdrawal of pro- 
ducers from their accustomed employmenta 
to the mining centres had the triple effect 
of chei'king the ordinarj- home production. 
i>f opening important new markets in Cali- 
fornia niid Australia, and of causing a 
KPUeral rise in wages: the result of these 
lombinod caiLses being a rise in prices. 
That advance express«l itself in a bound 
from 78 in ia.->2 to f>5 in tS.5.^, and in a 
fnrllicr gradual ascent to 105 in 1S57 — the 
rise between 1.'*.5rt and IS." being 23 points, 
or from 77 to 105. In 1.S.57. came the ciil- 
niinatiim of this great inflation in uni- 
versal l>anic: and between that year and 
1850 average jirices fell from 105 to 111. but 
rei'rtvenil to 04 in lS."i!). The average of 
pricc.s for the whole of this remarkable 
decade was '.12: the lov.- range for tho past 
three years and the ileeline during tho two 
last yenrs having largely offset the grertt 
rise of ihe intervening five years. 

Tho su<■ci^o<ling decade. I.SfiO-fiO. was a 
perioil of great wars. In Kurope. there was 



portiiiit olTect upon values. Wars were iin- 
doubtedl.v the moot nelivi' factors eauding 
th)> oKcillatiouii in priceH up to 1,S7.'>, and 
the last twenty yenrs of coniparalivt; ex- 
emption from war inlliieni'es may be suji- 
posed by xoine to ac<v>unt for this Ktmd.v 
dis'lino in vnlut^M. But that concluHion in 
largely invalidated by the fact that, during 
(his period, thu worhl haa been no burtliuned 
by un increase in anaed forccH and in naval 
and military expenditurcM tliat the axmed 
peace has jiroved alnio«t as elTeelive in nr- 
resling pnHluction as actmil warfare would 
have Ikh'II. As, by a historic coincidence, 
the bcgiiiuiilK of (his decline in prices dates 
from the period when tho Latin Union 
coiinlrieH ceased to coin silver, it will no 
doubt lie maintained, by the friends of that 
metal, that the downward course of values 
is directly and mainly the ofTiHit of what 
they falsely dcKignatc "the demonetization 
of silver" The misfortune of their reason- 
ing is, however, (hat they are unable to 
•how that, although the I>atin I'niim nations 
have su.spciided t!ie coinage of this metal, 
it is liss used for monetary purpoBos tluin 
it was Iwcnt.v years ago. Although Europe 
has almost cca.sod to coin Bilver, yet its 
silver circulation has not been on the whole 
diminished, whilst the amount a[<propriated 
in this countr.v to monc.v purposes has 
largely excewliMl what Kurope had biH'ii ac- 
cuslomed to take for coinage. As. there- 
fore, there has been no decrease in the 
world's progrcssivo accretions of silver 
mime.v. and as nearly the whole stock has 
the same home purchasing power as it had 
before its so-called "demonetization," this 
factor is not to bo accepted as at all ex- 
planatory of this great decline in prices. 

We are uuablo to find any rational or 
sufficient explanation of this phenomenon 
except in tho fact that the recent inventions 
in motive power and in labor-saving ma- 
chines havo so choapcneil the costs of pro- 
duction, and so aiigmeutcd the proiluctive 
plant of the world as to eice<Hl tho capacity 
for oon.sumption at the former scale of 
prices. Wo have frequently had occasion 
1o cite eridencea of this disproportion be- 
tween both productive capacit.r and actual 
production, on the one hand, and the pur- 
chasing ability of con.sumers, on the other: 
and therefore netvl not now further eluci- 
ilate that point, except to suggest that the 
extraordinary fall in prices is but a natural 
process of adjusting the disparity between 
tho rospectivp capacities for production and 
consumption. The relative increase of pro- 
duction has called for lower prices; and the 
great fall in prices demonstrates a cor- 
lesiionding excess of .supply over demand. 

The foregoing data show a very cxtra- 
oixliiiary decline in price* within the last 
twenty yeai's From an average of 111 in 
IS":!, there has lieen an almost unrcmit- 
ttnt fall to 68 in 189;!,— or a descent of 4:'. 
points. What has been the correlative 
course of wages? 3Ir. David A. Wells, 
in his nofablo work "Rfcent Economic 
f'hanges," demonstrates that, in Great 
Britain, the income of the manual labor 
classes has gone up from £171.000,000. in 
1S4.'?, to £550.000,000. or at the rate of 220 
Iier i/'iit, while their numbers have in- 
creasal onl.v .TO per cent during the intorval. 
(">r. to fake a more recent experience in the 
Tiiited States. — Ihe last census shows that 
Ihe average annual earnings of labor in 
sevonty-one cilies inlSOO amounted to $.542 
per heaij, while in 18.S0 the average in the 
same citie.=! was onl.v .f.'i.SC. — an increase in 
Ihe ten .vears of 40 p«r ccnl : and yet, with- 
in the- same dec;id(\ there was a deeltne in 
prices of IC por cent. Rapi<lly ri.sing wages 



-Werage Piioes of 10 years ending with the year named, viz: 

Dotted line in ISO-', ,s2. being Average of the 10 yeara 1M3-1.S.'.2. 

..O O' Dotted line in 1S7:1, 102. being Average of the 10 years ]S«4-l*i-;i. 

Doited line In IbD:!. 71. being .Werage of the 10 yeais ISS-J-ISIIS. 
This dotted line gives the best picture of the gradual movement of the av- 
erage prices of whole periods as the fluctuations from year to year aie 
c*lilerale4. 


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along with rapidly falling prices foi-m the 
basis of the persistent demand for higher 
pay by which labor is obstrncting industry 
and thereby throwing large masses of the 
lower grade,s of workmen ont of employ- 
ment. Eea.sonalile men mtist see that this 



sort of pre^su 
•IX tent that v 
auM^rs. For 
of R^in accr 
paj'tiie\-ship ol 
fast iiifereasin 



